12/10/2023

UK consumers showing signs of optimism about property market despite continued financial pinch

LONDON, UK, 12 October 2023: UK consumers are feeling financially worse off than they were a year ago, especially those aged 35-54, according to Dye & Durham’s newly launched UK Pulse Report for Q3 2023.  The survey of 2,151 UK adults conducted by YouGov explores trends in the economy, the property market and technology.  

Almost half of respondents (47%) confirm their finances are in a worse place than they were 12 months ago, with only 16 per cent of people suggesting their finances have improved. Those aged between 35-54 are feeling the most financially vulnerable, with just over half (52%) confirming that their finances have been negatively impacted compared to 2022. The bulk of this group – 59 per cent of those 35-44 and 58 per cent of those 45-54 – also say owning their home has become less affordable.  

While sentiment about personal finances has dipped, consumers’ plans to purchase or sell properties over the next year have not experienced the same downward pressure. In fact, there are signs of optimism. A separate Dye & Durham survey conducted in the UK in March 2023 found 1 in 10 (10%) of UK respondents were planning to delay property purchases to wait for lower interest rates or asking prices. That’s down to 1 in 20 (5%) today.  

Similarly, the UK Pulse Report for Q3 2023 found that 2 per cent of respondents sold their primary residence and purchased a new one in the past 12 months, but 3 per cent plan to do the same in the next 12 months. 

“It’s clear that many people in the UK continue to be affected by the tough economic conditions, with rising bills and high interest rates making people feel financially worse off,” says Martha Vallance, Chief Operating Officer, Dye & Durham. “This has had a knock-on effect for many industries as transaction activity has declined, including the legal industry that we operate in. However, as rates begin to hold – and eventually decline – we expect to see a significant upswing in areas like real estate transactions, business originations and others that should help legal firms bounce back from a slower-than-normal year.” 

Overall, 58 per cent said they would consider moving to find a lower cost of living – specifically almost a quarter (23%) said they would look at a more affordable town or city in their current county. This was more apparent in some areas of the country, such as the East of England and London, where 29 per cent and 27 per cent respectively, would look at moving to an alternative location in their current county.  


UK consumers yet to fully embrace AI 

The UK Pulse Report also explored trends in technology and found that a significant majority of UK consumers have not yet tried AI for either personal use (71%) or professional use (81%). 

 They are also concerned about skilled professionals incorporating AI into the services they provide to their customers. Only 16 per cent of UK consumers said they would feel comfortable with property / real estate agents using AI, reducing to just 14 per cent for financial advisors and insurance brokers, 13 per cent for mortgage brokers and 11 per cent for lawyers and conveyancers.  

 When asked what would help increase their comfort with generative AI being used by lawyers and conveyancers, 27 per cent said they would be more comfortable if it was used to improve their performance without replacing a real person, while 26 per cent said if it would guarantee a better outcome or better accuracy (30% of people agreed to this for mortgage brokers, IFAs and insurance brokers).  A quarter (25%) would also feel more comfortable with lawyers and conveyancers using AI if it would significantly reduce the cost of the service provided. 

 “The UK’s legal industry is already exploring the enormous potential for AI to provide cost efficiency and accuracy benefits – from estate agency through to finance and conveyancing – but consumer education is essential. It’s important to demonstrate how AI is already being deployed and the benefits it offers legal professionals in terms of efficiency and accuracy, which ultimately pass through to the client,” says David Nash, Chief Product Officer, Dye & Durham.  

 

Go to Media

LATEST MEDIA

29/05/2024
News

Dye & Durham Makes Legal Information Accessible and Immediate with the Launch of DeeDee, Your Legal Information AI Assistant

First generative AI-enabled offering from Dye & Durham designed to make sourcing and understanding legal information fast and simple DeeDee makes it easy for solo, small and medium-sized law firms…

Read more
07/02/2024
News

Dye & Durham’s Unity® Global Platform goes live, provides UK legal practices a next-generation solution to propel their firms 

Gives law firms a single destination for everything they need to run their legal practice, from intake to invoice.  Law firms will save time and administrative resources with Unity® Global…

Read more
05/02/2024
Press Releases, Pulse Report

Gen Z takes the lead in the race to adopt AI in the UK

New research finds a seismic generational gap when it comes to embracing AI in the UK. According to the Dye & Durham UK Pulse Report for Q4 2023, younger generations…

Read more
05/02/2024
News, Pulse Report

Q4 2023 UK Pulse Report

Read more
14/12/2023
Press Releases

Dye & Durham’s UK practice management solutions are winners of the 2023 ILFM Law Firm Software Users Award

Read more
25/09/2023
Press Releases

Dye & Durham launches revolutionary Unity® Global Platform, offering first-of-its-kind user experience to UK law firms

Unity® Global Platform will provide everything a thriving UK legal practice needs from client intake, due diligence, task and workflow management, trust and firm accounting, to document management and much…

Read more
12/06/2023
News

Dye & Durham enters strategic partnership with the Law Society of England and Wales

Monday, 12 June 2023 — Dye & Durham, the industry-leading provider of cloud-based, efficient workplace software for legal and business professionals, is now a Strategic Partner of the Law Society…

Read more
28/04/2023
Press Releases

Dye & Durham nominated for PropTech innovation at the Property Awards

Dye & Durham (TSX: DND), the industry-leading provider of cloud-based, efficient workplace software for legal and business professionals, is a finalist in the 2023 Property Awards in the PropTech Innovator…

Read more
28/04/2023
News

Response to the Chancellor’s Spring Budget 2023

Richard Norman, Commercial Director & Head of Strategic Partnerships, Dye & Durham UK: “This week the Chancellor of the Exchequer, Jeremy Hunt, has taken steps to support various areas of…

Read more
08/03/2023
News

Cost of living crisis could have a lasting effect on legal professionals across the United Kingdom

Recession worries and rising interest rates are weighing heavily on mortgage holders across the UK and impacting their property expectations, financial wellbeing and mental health. According to a new survey…

Read more
07/03/2023
Press Releases

More than Half of UK Mortgage Holders Struggling with Mental Health as Cost of Living Crisis Hits Home

According to a new survey of 2,000 UK homeowners who pay a mortgage, conducted by independent market research firm Danebury Research on behalf of Dye & Durham, the ongoing cost…

Read more